{"data":{"id":"us/31-cfr-1020.210","jurisdiction":"us","citation":"31 CFR 1020.210","heading":"Anti-money laundering program requirements for banks.","body":"(a) Anti-money laundering program requirements for banks regulated by a Federal functional regulator, including banks, savings associations, and credit unions. A bank regulated by a Federal functional regulator shall be deemed to satisfy the requirements of 31 U.S.C. 5318(h)(1) if it implements and maintains an anti-money laundering program that:\n(1) Complies with the requirements of §§ 1010.610 and 1010.620 of this chapter;\n(2) Includes, at a minimum:\n(i) A system of internal controls to assure ongoing compliance;\n(ii) Independent testing for compliance to be conducted by bank personnel or by an outside party;\n(iii) Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance;\n(iv) Training for appropriate personnel; and\n(v) Appropriate risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to:\n(A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and\n(B) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. For purposes of this paragraph, customer information shall include information regarding the beneficial owners of legal entity customers (as defined in § 1010.230 of this chapter); and\n(3) Complies with the regulation of its Federal functional regulator governing such programs.\n(b) Anti-money laundering program requirements for banks lacking a Federal functional regulator including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies. A bank lacking a Federal functional regulator shall be deemed to satisfy the requirements of 31 U.S.C. 5318(h)(1) if the bank establishes and maintains a written anti-money laundering program that:\n(1) Complies with the requirements of §§ 1010.610 and 1010.620 of this chapter; and\n(2) Includes, at a minimum:\n(i) A system of internal controls to assure ongoing compliance with the Bank Secrecy Act and the regulations set forth in 31 CFR Chapter X;\n(ii) Independent testing for compliance to be conducted by bank personnel or by an outside party;\n(iii) Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance;\n(iv) Training for appropriate personnel; and\n(v) Appropriate risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to:\n(A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and\n(B) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. For purposes of this paragraph, customer information shall include information regarding the beneficial owners of legal entity customers (as defined in § 1010.230); and\n(3) Is approved by the board of directors or, if the bank does not have a board of directors, an equivalent governing body within the bank. The bank shall make a copy of its anti-money laundering program available to the Financial Crimes Enforcement Network or its designee upon request.","path":["Title 31—Money and Finance: Treasury","Subtitle B—Regulations Relating to Money and Finance","CHAPTER X—FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY","PART 1020—RULES FOR BANKS","Subpart B—Programs"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-31.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:25Z","sha256":"ad4eb2a1c47baf09f7ea5e712ad02e476da088d133b9237b510a1061fb181f52","source_id":"us-cfr","stale":true,"prev":"us/31-cfr-1020.200","next":"us/31-cfr-1020.220"},"notice":"GroundRules: Original legal text. Not legal advice."}